The IRDA has already issued draft norms for allowing branch operations of international reinsurers and is expected to issue the final norms by June.
Even as the regulator IRDA is busy finalising norms to allow global reinsurers to enter the country, international firms are putting in place their top teams, with the US-based RGA taking lead by appointing former acting chairman of LIC, Thomas Mathew, as its India head.
Mathew joined RGA (Reinsurance Group of America) India as Managing Director and Chief Executive on March 30.
When contacted, he confirmed his appointment.
At present, Mathew is the non-executive chairman of the privately-promoted commodity bourse MCX-SX, and continues to hold the post.
According to industry sources, the second-largest global reinsurer Swiss Re is also in the process of appointing a CEO for its India operations.
The move comes as Dhananjaya Date, who was heading its operations here, when it only acted as a service company, retired recently.
The Zurich-based Swiss Re had shortlisted Joydeep Roy, who was former chief executive of L&T General Insurance and P Nandagopal, Managing Director and Chief Executive of IndiaFirst Life Insurance, for the post.
Though Swiss Re has a major exposure in the domestic general insurance business through its reinsurance operations, sources point out that the company is looking for a professional with sound expertise in life and health segments, to head its operations here.
So far, global reinsurers were operating through their service companies or representative offices, but are now gearing up to set up own their full-fledged operations in the country.
Accordingly, they are on a hiring spree after having received licences from Insurance Regulatory and Development Authority (IRDA), sources familiar with the development told PTI.
According to market sources, as many as 10-15 global reinsurers are likely to enter the country in near future, as per an IRDA estimate after the new insurance law allowed 49 per cent foreign ownership.
The IRDA has already issued draft norms for allowing branch operations of international reinsurers and is expected to issue the final norms by June.
It has also been learnt that the largest global reinsurer Munich Re recently appointed Hitesh Kotak as its new Chief Executive for India operations.
As part of increasing its India play, the company has also shifted its headquarters from Kolkata to Mumbai, sources said.
Hannover Re, the third-largest global reinsurer, has also expanded its team by appointing Ankur Nijhawan as Managing Director of Hannover Re Risk Management Services India, a wholly-owned subsidiary of Hannover.
Nijhawan had earlier worked with Marsh India and AIG's US operations.
However, Hannover Re is yet to name its India CEO.
Joseph Augustine, who has been heading India operations of Catlin, the largest syndicate in Lloyd's, will continue in the same position.
Recently, Catlin was taken over by US insurer XL in one of the largest international M&A deals and is likely to announce the new structure of the merged company in the country soon.
Other companies like French major SCOR and Lloyd's of London are also likely to name their new India CEOs shortly, sources said.
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